Recent statistics for Monmouth County reflect that it remains a sellers’ market. Then number of homes sold under asking price were 199. While the number of homes sold at the asking price were 86, and the number of homes sold above asking price were 278, which clearly indicates it remains a seller’s market for now.
As for Ocean County, median sale price increased year-over-year by 10.8% to 447,149. As for the market temperature, 333 homes were sold Under Asking, 138 homes were sold at asking 326 homes were sold Over Asking.
Real estate agents and attorneys in Monmouth and Ocean Counties can leverage the unique dynamics of today’s housing market to generate new leads, especially by focusing on then moments—critical turning points in the decision-making process of homebuyers. While existing home sales have hit a 14-year low, the new construction market remains a bright spot, offering a key opportunity to engage buyers looking for incentives and flexibility in financing options.
Here’s some ways to capitalize on the current trends:
- Watch for Market Shifts: Mortgage Rates Drops
As mortgage rates briefly ticked down to around 6%, homebuyers capitalized on this window, leading to an increase in purchase contracts.
For agents and attorneys, the lesson here is to stay attuned to these fluctuations. Timing is everything. Maintain close relationships with homebuilders and knowing about incentives offered, and thereby identify prospective buyers waiting for the right price point. Proactively reach out to clients who have expressed interest in new homes but may have been hesitant due to past rates.
- Position Yourself as a Knowledge Source
With the volatility in mortgage rates, clients are looking for trusted experts to guide them through the decision-making process. Real estate attorneys can play a pivotal role here, advising clients on contracts and closing terms, while real estate agents can serve as the bridge between buyers and builders offering incentives.
When mortgage rates hit low points, this creates a then moment—an opportunity for potential buyers to reenter the market. Highlight this in your marketing efforts including your blogs and on your LinkedIn account. As favorable conditions present themselves, you can facilitate the transaction for both buyers and sellers. Education is a powerful way to establish your expertise and professional platform.
- Ready for the Existing Home Sales Rebound
Though existing home sales are slow, demand is still there; Redfin’s recent demand index shows home tours and other homebuying activities at their highest level since May, indicating that buyers are ready, just waiting for the right conditions.
As an agent, use this anticipation to your advantage. Reach out to clients who may be on the fence and offer a personalized update on local market conditions, specifically in Monmouth and Ocean Counties. For attorneys, this is a great opportunity to emphasize the importance of being ready for when these then moments occur—ensuring all legal preparations are in place so clients can move quickly when the time comes.
- Capitalize on Inventory and Seasonality
While inventory has increased by 13.6% year-over-year in Ocean and Monmouth Counties, it’s expected to slow as the holiday season approaches. This seasonal shift is another then moment where agents and attorneys can focus on proactive lead generation. Buyers who want to close before the year ends will appreciate agents who know the inventory inside and out, and attorneys who can expedite the legal process.
Highlight urgency in your marketing by emphasizing that the inventory levels may shrink in the coming months, creating an environment where buyers must act quickly. Use open houses and virtual tours to keep your listings visible and engage with potential leads by offering market insights.
- Leverage Client Urgency as Part of Your Sales Strategy
Urgent clients are not just looking for opportunities, they are prepared to act quickly. The Internet has accelerated the buying and selling cycle forever. There are the turning points where you can provide timely guidance, expert advice, and insight that leads to action. The decision to buy a home, especially in a fluid market, is a moving target that calls for timing and action. By staying attuned to these shifts, you can create a culture of trust and responsiveness with your clients.
Develop habits and systems that help you recognize these moments before your competition does. Use client relationship management tools to track buyer preferences and market shifts, and be the first to alert your clients when the conditions are ripe for action. This proactive approach will set you apart as a thought leader in Monmouth and Ocean Counties.
Take Control Over Your Process
As mortgage rates continue to fluctuate and market conditions shift, your ability to seize these then moments will define your success in generating leads and closing deals. Just as a “then” moment for a buyer could be the perfect rate or the right home becoming available, for you, it’s the moment when you provide timely and insightful advice that changes the course of a transaction.
This approach is not just about responding to the market but about proactively creating opportunities that lead to long-term success, helping you grow your business and your reputation in Monmouth and Ocean Counties.